The National Transport & Overseas Services Company (NOSCO) aims to conclude business worth EGP 200m in the current year and compete on electricity distribution projects by the end of the year.
The general manager of the company, Mohamed Nadeem Mazen, said that the company realised sales of EGP 200m last year and plans to maintain the same rate this year.
He told Al Borsa in an interview that the company also plans to increase its capital to EGP 100m in the coming five years, up from a current capital of EGP 40m.
Mazen pointed out that listing the company on the Egyptian Exchange is one of the most important possibilities in the coming period.
The company plans to expand into new activities, such as storage, he explained, adding that the company is seeking to obtain storage permits and licenses for shipping and unloading at the Red Sea ports. The company has permits now to operate on the Mediterranean Sea ports only.
Mazen noted that among the company’s targeted activities in the coming period is seeking to establish a port management company. He also pointed out that the company successfully developed and managed the Borollos fishing port in Kafr El Sheikh. The port was upgraded to receive equipment for the Borollos power plant, which was established by Siemens.
The government offered unprecedented assistance to develop the port, he mentioned.
The port is currently being operated by NOSCO on a special concession until August. The port is now able to receive large fishing boats.
Mazen said that NOSCO is keen on taking part in international exhibitions, where it will be participating in the Break Bulk exhibition scheduled to be held from 24 to 26 April in Belgium.
He explained that exhibitions are a good opportunity to exchange expertise and meet the world’s biggest players in the shipping and unloading sectors, adding that the company aims to attract and hold distinct partnerships through its presence at the conference.
NOSCO, in cooperation with Palumbo, became the main contractor for the Zohr gas field development projects, he noted.
Mazen said that the coming years will see the establishment of one of the most important energy projects in Egypt—the Dabaa nuclear power plant. He added that the company is preparing to compete for the bid to ship the equipment for the project.
He noted that the company had successfully shipped and installed the heavy and abnormal equipment for the Egyptian Refining Company in Mostorod, with the cooperation of Mammut. NOSCO handled all equipment weighing up to 500 freight tonnes, while Mammoet In Partner Ship With Schenker handled the heavier equipment.
Mazen said that shipping the equipment of that project was challenging, since the company had to move abnormal and large-sized goods to the heart of the bustling capital of Cairo.
The Mostorod refinery is valued at $3.7bn. It is expected to secure half of the imported diesel, LPG, and jet fuel locally following the commencement of operations. The plant is located on 370,000 square metres.
The Egyptian General Petroleum Corporation owns 24.5% of the project, while Qalaa Holdings owns 19%. The remaining share is owned by several Gulf investors, governments, European banks, and international financial institutions.
The project’s capital amounts to $1.1bn, next to several loans, including $900m from Japan, $800m from South Korea, $450m from the European Union, $220m from the African Development Bank, and $200m from the Japanese company Mitsui.
NOSCO is implementing a project with British Petroleum with investments of EGP 60m, Mazen stated, explaining that the company will compete on all government oil and gas projects in the coming period.
He pointed out that the company aims to build and operate a logistics centre in the Suez Canal Economic Zone and is currently studying the project in order to submit its offer to the authority.
Established in the 1990s, NOSCO is now one of the three largest heavy transportation companies in Egypt. The company worked on several major projects in the past few years, including the largest ammonia plant in Ain Sokhna in collaboration with Orascom Construction Company. During that project, the company transported about 100 freight tonnes of heavy equipment.
The company also transported the Ramses statue to the Egyptian Grand Museum in Giza with Arab Contractors.
Additionally, the company carried out the transportation tasks for the MIDOR refinery in Borg El Arab in Alexandria, moving 250,000 freight tonnes.
Out of social responsibility, the company also participated in the transfer of Eman, known as the world’s biggest woman, from her home to the airport in order to travel to India for surgery.